CADUSD=X vs. USO

Last updated Jun 6, 2026

CADUSD=X (CAD/USD) is a currency, while USO (United States Oil Fund LP) is Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Over the past 10 years, CADUSD=X returned -0.89%/yr vs 3.13%/yr for USO. At a 0.36 correlation, their price movements are largely independent.

Performance

CADUSD=X vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CAD/USD (CADUSD=X) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CADUSD=X achieves a -1.54% return, which is significantly lower than USO's 92.34% return. Over the past 10 years, CADUSD=X has underperformed USO with an annualized return of -0.89%, while USO has yielded a comparatively higher 3.13% annualized return.

CADUSD=X

• 1D: -0.25%
• 1M: -2.20%
• YTD: -1.54%
• 6M: -0.87%
• 1Y: -1.90%
• 3Y*: -1.30%
• 5Y*: -2.84%
• 10Y*: -0.89%

USO

• 1D: -2.72%
• 1M: -0.69%
• YTD: 92.34%
• 6M: 84.96%
• 1Y: 90.22%
• 3Y*: 27.76%
• 5Y*: 22.99%
• 10Y*: 3.13%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CADUSD=X vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CADUSD=X CAD/USD	-1.54%	4.79%	-7.90%	2.28%	-6.69%	0.74%	2.00%	4.99%	-7.77%	6.90%
USO United States Oil Fund LP	92.34%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%

Correlation

The correlation between CADUSD=X and USO is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since May 8, 2009	0.36

The correlation between CADUSD=X and USO shifts across timeframes, from -0.05 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CADUSD=X vs. USO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CADUSD=X

CADUSD=X Risk / Return Rank: 28
CADUSD=X Sharpe Ratio Rank: 29
CADUSD=X Sortino Ratio Rank: 28
CADUSD=X Omega Ratio Rank: 29
CADUSD=X Calmar Ratio Rank: 27
CADUSD=X Martin Ratio Rank: 26

USO

USO Risk / Return Rank: 63
USO Sharpe Ratio Rank: 62
USO Sortino Ratio Rank: 58
USO Omega Ratio Rank: 58
USO Calmar Ratio Rank: 84
USO Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CADUSD=X vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CAD/USD (CADUSD=X) and United States Oil Fund LP (USO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CADUSD=X	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	2.04	-2.42
Sortino ratio: Return per unit of downside risk	-0.53	2.66	-3.19
Omega ratio: Gain probability vs. loss probability	0.94	1.35	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.40	4.45	-4.84
Martin ratio: Return relative to average drawdown	-0.77	8.33	-9.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CADUSD=X vs. USO - Sharpe Ratio Comparison

The current CADUSD=X Sharpe Ratio is -0.38, which is lower than the USO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of CADUSD=X and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CADUSD=X	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	2.04	-2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.42	0.64	-1.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.12	0.08	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	-0.18	+0.12

Drawdowns

CADUSD=X vs. USO - Drawdown Comparison

The maximum CADUSD=X drawdown since its inception was -35.27%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CADUSD=X and USO.

Drawdown Indicators

	CADUSD=X	USO	Difference
Max Drawdown Largest peak-to-trough decline	-35.27%	-98.19%	+62.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.87%	-20.39%	+16.52%
Max Drawdown (3Y) Largest decline over 3 years	-9.73%	-26.05%	+16.32%
Max Drawdown (5Y) Largest decline over 5 years	-16.82%	-36.23%	+19.41%
Max Drawdown (10Y) Largest decline over 10 years	-17.16%	-86.75%	+69.59%
Current Drawdown Current decline from peak	-32.32%	-85.85%	+53.53%
Average Drawdown Average peak-to-trough decline	-21.29%	-75.30%	+54.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	10.87%	-9.25%

Volatility

CADUSD=X vs. USO - Volatility Comparison

The current volatility for CAD/USD (CADUSD=X) is 0.78%, while United States Oil Fund LP (USO) has a volatility of 13.30%. This indicates that CADUSD=X experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CADUSD=X	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	13.30%	-12.52%
Volatility (6M) Calculated over the trailing 6-month period	3.03%	38.49%	-35.46%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	44.41%	-40.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.82%	36.09%	-30.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.22%	39.01%	-32.79%

Frequently Asked Questions

Can I hold both CADUSD=X and USO in my portfolio?

CADUSD=X and USO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CADUSD=X or USO?

USO has higher volatility (13.30%) compared to CADUSD=X (0.78%). In terms of maximum drawdown, CADUSD=X dropped -35.27% vs USO's -98.19%.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.04 vs -0.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.